- 147 residential units with almost 9,000 square metres of rental space
- Transfer of benefits and encumbrances already in December 2021
Eschborn, 17 February 2022 – Noratis AG, one of the leading portfolio developers in Germany, is continuing to implement its growth strategy by expanding its real estate portfolio. The transaction in East Westphalia, which was announced at the end of December 2021, involves 147 residential units with a total rental area of almost 9,000 square metres in Bielefeld. The transfer of benefits and burdens already took place in December.
The seller is the asset and investment manager Alpha Real Estate Group. The parties have agreed not to disclose the purchase price. The brokerage firm CBRE acted as intermediary in the transaction.
The properties in the university city of Bielefeld, which are divided into three clusters, have variable flat sizes. These range from 29 to 125 square metres. The properties were mostly built in the 1950s and 1960s.
“The location, accessibility and condition of the properties were an excellent fit with our purchasing profile and we are convinced of the region’s economic development,” explains Leopold Stolberg, Head of Investment at Noratis AG. Bielefeld is a good addition to the existing portfolio in North Rhine-Westphalia. According to Stolberg, the plan is to sustainably increase the quality of living: “We are planning for the long term with the residential portfolio and, in addition to modernisation measures, are also aiming for energetic upgrades.”
Bielefeld, an independent city in the north-east of North Rhine-Westphalia, is the economic centre of the East Westphalia-Lippe region. The city is also an attractive university location. The acquired properties are centrally located. Local amenities, doctors, schools and kindergartens are in the immediate vicinity and within walking distance.